Purchasing a condominium unit is a long-time financial commitment, so it’s wise to look for the best financing option for you. This guarantees you that you can sustain paying monthly loan repayments, living expenses, monthly dues, and other financial obligations all at the same time.
Fortunately, there are countless ways to finance your condominium purchase. They offer different flexibilities, payment schemes, interest rates, loan amounts, terms, and conditions to match your budget and lifestyle.
1. Pag-IBIG
One of the most common ways to finance a house purchase in the Philippines is through a Pag-IBIG loan. You can enjoy low-interest rates over long repayment terms for up to 25 years. As almost everyone is a Pag-IBIG member, your monthly amortizations can be deducted directly from your salary.
Why choose Pag-IBIG:
- Pag-IBIG has a very low-interest rate, letting you borrow up to Php 6 million for only around 1-6%.
- Repayment options are extremely varied, for as short as 3 years up to 30 years.
2. Cash
Cash, also known as spot cash, is the payment mode where you pay the full balance of the condo upfront. After initial reservation of the condo unit, you can have up to a month to settle the payment, but this may vary depending on your agreement with the broker or developer.
Why choose spot cash:
- It’s a great way to purchase the property without interest, but it may exhaust your savings to pay for the full balance.
- You can enjoy discounts like one-time payment discounts without going through credit checks from lending institutions.
3. Bank loan
Bank loans are also a common way to finance your home. They have a wide range of borrowing options, even up to 80% of the total value of the property. Until you’re fully paid with your repayments, your house is under bank as a collateral.
Why choose bank loan:
- Bank loans can also give you long repayment terms for up to 25 years, depending on your financial situation.
- They’re easier to reach out to, meaning you can always consult a broker whenever you don’t understand a policy out of your loan.
4. In-house financing
A developer can also let you borrow money to purchase a condo unit. Through in-house financing, you can down payment for as little as 10-30% of the property value then pay the renaming balance through monthly amortizations.
Why choose in-house financing:
- In-house financing is easier to take out, compared to bank and Pag-IBIG loans, as the paperwork only has to be approved within the developer.
- Down payment is low and payment terms are flexible.
Secure your condominium unit in Elanvital Enclaves with the right financing option. For more information, visit Elanvital Enclaves or contact its sales at +63 9271440196.
